The Real Deal New York

Vornado, Stellar land $675M refi for Independence Plaza

Goldman Sachs is the lender: sources
June 12, 2018 06:12PM

Independence Plaza

UPDATED, June 14, 2:49 p.m.: Vornado Realty Trust and Larry Gluck’s Stellar Management refinanced their Tribeca rental tower Independence Plaza with a $675 million mortgage, Vornado announced Tuesday.

Sources familiar with the deal said Goldman Sachs is the lender. The bank declined to comment.

The seven-year loan has a fixed interest rate of 4.25 percent, according to the press release.

Gluck bought the 1,327-unit tower at 80 North Moore Street in 2003, borrowing $575 million to turn the property into luxury rentals. By early 2011, the debt had fallen out of balance, and Vornado recapitalized the tower. The real estate investment trust now owns 50.1 percent of the building.

Cushman & Wakefield brokered the financing.

Tenants accused Gluck of illegally deregulating units at the building in the past. — Konrad Putzier

Correction: An earlier version of this post incorrectly claimed that tenants recently accused Gluck of illegally deregulating units at the tower. The accusations are a decade old.